Add to this the adrenaline-pumping looks and the high-end performance hardware, and you have a car that would be perfectly at home in an action movie of Michael Bay-grade intensity.

Much like the BMW M3, the Lexus IS F, and the Mercedes C63 AMG (to name a few other high-performance icons from around the world), the fully loaded GT500 employs the market's best technology to deliver some truly hellacious numbers.

These posh rockets all deliver the 400 to 450 horsepower standard in their price range, but Ford's bang-for-the-buck philosophy means that the latest GT500 is capable of quite a bit more. Thanks to 5.4 litres of supercharged American grunt, output is rated at a staggering 550 ponies, 10 more than last year's GT500, and some 100 more than most similarly priced competitors. All this power is coiled in a machine whose new aluminum engine block is 102 pounds lighter than the old cast-iron block, and whose chassis and suspension have been retuned to boot.

Granted, the GT500 is no BMW M3 on the highway, but, as far as loosely leashed monsters go, it is surprisingly manageable. The clutch is relatively light and easy to modulate, and, though tight, the shifter yields to a short flick-of-the-wrist throw that calls the Honda S2000 and the Mazda MX-5 to mind.

Inside the belly of the beast, visibility is about average for a sporty two-door coupe, and there's even a back seat that can accommodate smaller passengers. Up front, larger occupants may feel slightly cramped, though space should be adequate for most.

The materials, fit, and finish of the refreshed and re-trimmed cabin are also impressive, particularly the high-class soft plastics that line most of the dash and doors, accented by real chrome trim that brightens up the scenery. The tester was equipped with an intuitive navigation interface and Ford's voice-operated SYNC communications and entertainment system, which supports all manner of digital devices. Instruments now have an easier-to-read layout, and the slick colour-changing technology of the outgoing model has been retained. (There's still no way to change the speedo and tachometer readouts to demerit points and dollar signs, though.)

Ford's engineers definitely made the GT500's handling sharply a priority over the smoothness of its ride, though the experience is never exactly skull rattling, except on the most poorly maintained roads. The steering even loosens up at low speeds, which makes the car a cinch to park. It all adds up to a relatively easygoing driving experience, aided in no small part by Ford's work to insulate the cabin and so fine tune which sounds get in, and which sounds don't.

Evidently, the sound of the exhaust was not on the don't list, and, during gentle driving, the constant burbling, snarling, and crackling of exhaust back pressure remind drivers what's waiting for them when their right foot drops: rocket-booster levels of thrust accompanied by sound effects that could make your favourite church-going grandmother drop an F-bomb even before the supercharger goes to work.

As the tachometer passes about 3,000 rpm under heavy throttle, the Roots-style blower kicks in and provides a high-pitched, siren-like accompaniment to the snorting exhaust. Once the belt-driven turbine gets into its game, acceleration begins to feel less mechanical and more as though the car were being borne through time and space by the hand of God.

Drivers are advised to be on the alert at full throttle since the GT500 can quickly dip its tail with little warning – even in second or third gear. With a cocky novice behind the wheel, things could get ugly in a hurry.

Thanks to the fitted Brembo brake system, the GT500 is also good at quickly scrubbing off speed. Crushing stopping power and fade-free stops are always an option, though some will wish for better pedal feel.

With the optional TrackPack onboard, the tester's steering was surprisingly responsive, given that it's conducting a body that stays flat and planted when cornering. At times, the steering can actually feel too quick for the car, but better too quick than too slow, especially when you have the suspension and the tires to back it up.

All told, the GT500 is generally well suited to day-to-day use, provided you don't mind the machine's sound or feel. However, owners who like to hit the track will get the best return on their investment: the car is simply too loud and too fast to be used to full advantage on public roads and highways.

Incidentally, the GT500's highway-cruising mileage was impressive, dropping to as low as 10 L/100 km – exceptional for a 550-horsepower machine. And yet the car is not without its drawbacks: regardless of how you feel about the noise, the rough ride on bad roads, the limited rear-seat space, and, relative to the vehicle's overall size, the smaller-than-expected driver's area all leave something to be desired.

None of these problems is especially surprising in light of the GT500's "performance first, practicality second" design, but, considering the amount of American firepower on display, its hints of refinement and sensibility certainly are. Not that anyone particularly sensible is looking for a GT500.

But, if you should find yourself in the enviable position of wondering whether to drop $60 or $70 grand on a wicked performance car, be sure to check this one out.

2011 Ford Mustang Shelby GT500
Engine: 5.4-litre supercharged V8 producing 550 horsepower
Drivetrain: rear-wheel drive
Observed Average Mileage: 15 L/100 km
Transmission: six-speed manual

Features: navigation; Shaker audio system; Ford SYNC; limited slip differential; Brembo brakes; automatic climate control; driver-selectable interior mood lighting; xenon headlamps

What's Hot: incredible performance and sound effects; tremendous acceleration; killer looks; built-in heritage; surprisingly easy to drive; 110% badass

What's Not: limited interior space; trunk lacks pull-down handle; loves fuel; potentially devastating to your driver's license

Starting Price: $58,999